Hull Company reported the following income statement information for the current year: Sales ps 418,000 Cost of
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Question:
Hull Company reported the following income statement information for the current year:
Sales | ps | 418,000 | |
Cost of goods sold: | |||
Initial inventory | ps | 144.000 | |
Cost of goods purchased | 281,000 | ||
Cost of goods available for sale | 425,000 | ||
running out of inventory | 152,000 | ||
cost of goods sold | 273,000 | ||
Gross profit | ps | 145.000 | |
The beginning inventory balance is correct. However, the ending inventory figure was overestimated by $28,000.
Given this information, What is the gross profit?
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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